Vietnam's "billion-dollar industry" rises to the top of export market share to the US
Mr. Cao Huu Hieu - General Director of Vietnam National Textile and Garment Group said that in the first 7 months of the year, the textile and garment market has improved. Compared to the same period in 2023, there were more orders in early 2024, and the order period was longer. Most of the group's garment companies had enough orders until the end of the fourth quarter.
In the past 7 months, the total export value of the textile and garment industry reached nearly 24 billion USD, an increase of about 6% over the same period last year.
"Among them, the bright spot is that Vietnam's textile and garment industry has risen to the top of the market share of garment exports to the US market, and is also the leader in growth rate among the three largest textile and garment exporting countries in the world," according to Mr. Cao Huu Hieu.
According to the leader of the Vietnam Textile and Garment Group, the improvement in Vietnam's textile and garment exports in the months of 2024 did not come from improved global demand for textile and garment products, but rather from a certain shift of orders from other countries to Vietnam.
"This is a happy thing because when there is a market, businesses immediately have the workforce to produce and retain customers," Mr. Hieu emphasized.
Since the beginning of the year, Vina T&T Group, a company specializing in exporting agricultural products, has received many export orders to many markets, but most of them are to the US. Exported products are very diverse, such as dragon fruit, coconut, star apple, mango, longan, rice, etc. The bustling orders have increased the company's export revenue in the first 7 months by 26% compared to the same period last year.
“Export orders to the US with many agricultural products, from fruits, rice, fish sauce, etc. are exported regularly every week. In particular, orders from the US have increased sharply in recent months,” said Mr. Nguyen Dinh Tung - Chairman of Vina T&T Group.
Having exported to the US for many years, Mr. Tung said: "The US is a demanding market with high standards, especially for agricultural products, but businesses that do business properly and meet the standards of buyers will not have to worry about lacking opportunities."
Two-way trade between Vietnam and the United States approaches the 90 billion USD mark
Trade between Vietnam and the US has grown strongly in recent times. Statistics from the Ministry of Industry and Trade show that in the first 8 months of 2024, Vietnam's exports to the US reached about 77.9 billion USD, accounting for 29.4% of total export turnover and increasing by 25.4% over the same period last year (the same period last year decreased by 19%).
“The US continues to be our country’s largest export market in terms of turnover in the past 8 months,” said a representative of the Ministry of Industry and Trade, adding that Vietnam’s imports from the US reached 9.78 billion USD, up 6.9% over the same period last year.
Thus, in the first 8 months of 2024, two-way trade between Vietnam and the US reached nearly 87.7 billion USD, with strong growth in both export and import of goods.
Some of the most exported items from Vietnam to the US market include computers, electronic products and components; machinery, equipment, tools, spare parts; textiles, footwear, agricultural products...
In the opposite direction, Vietnam also imports a large amount of technological equipment, production materials and agricultural products from the United States, contributing to promoting the industrialization process and improving domestic production capacity.
Mr. Vu Ba Phu - Director of the Ministry of Industry and Trade said that the upgrading of bilateral relations between Vietnam and the US to the level of comprehensive strategic partnership is extremely important, creating a solid foundation, helping cooperation activities between the two countries to go deeper and more substantive on all pillars; in which the economic, trade and investment pillar continues to play a central role in promoting relations between the two countries.
“The US is currently Vietnam’s second largest trading partner for many consecutive years and Vietnam’s exports to the US are very diverse and abundant. It is forecasted that the trade turnover between the two countries in 2024 will continue to maintain growth momentum and achieve many positive results,” said Mr. Vu Ba Phu.
